BitcoinLong
Ascending triangle breakout on the 4hr chart
Updated
I saw this pattern a few days ago where the first arrows are drawn and bought in for a long at $3750 off the ascending trendline with a tight stop at $3600. I should have posted it then but I see opportunity for more profits here so late is better than never,
This pullback behaviour after the breakout is normal in ascending triangle patterns: stock-trading-infocentre.com/ascending-triangle.html
If the next candle can close above the previous (being a green 2 above a green 1), this is a technical long on the Thomas Demark sequential indicator and would likely be a good time to ride the price to $4200 and beyond. By beyond, I mean that I don't believe in double tops holding as they are an unlikely pattern and I can see Bitcoin breaking this to as far as the heavy resistance around $4800 to $5000. This is the Maximum bounce I see for Bitcoin and believe it will get heavily rejected at or before 5k.
In the short term trade, target is $4200 where I will start taking profits and trail a stop for the remainder that I'll let ride to beyond $4200 if I'm right.
Good luck trading
This pullback behaviour after the breakout is normal in ascending triangle patterns: stock-trading-infocentre.com/ascending-triangle.html
If the next candle can close above the previous (being a green 2 above a green 1), this is a technical long on the Thomas Demark sequential indicator and would likely be a good time to ride the price to $4200 and beyond. By beyond, I mean that I don't believe in double tops holding as they are an unlikely pattern and I can see Bitcoin breaking this to as far as the heavy resistance around $4800 to $5000. This is the Maximum bounce I see for Bitcoin and believe it will get heavily rejected at or before 5k.
In the short term trade, target is $4200 where I will start taking profits and trail a stop for the remainder that I'll let ride to beyond $4200 if I'm right.
Good luck trading
Trade active
My stop somehow didn't get triggerred at 3750 so I'm still in the long trade and am still expecting a push to $4200, I'll update again if I see a bullish entryNote
$3950***Trade closed: stop reached
Stop hit, took profits at $3950
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.